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Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
As of December 31, 2015
(Dollars in Thousands)
							Significant			Significant
				Quoted Prices in			Other Observable			Unobservable
				Active Markets			Inputs			Inputs
Assets:	Fair Value			(Level 1)			(Level 2)			(Level 3)
Investments-trading:
U.S. government agency MBS and CMOs	$	3,225		$	-		$	3,225		$	-
U.S. government agency debt securities		12,737			-			12,737			-
RMBS		98			-			98			-
U.S. Treasury securities		1,355			1,355			-			-
Other ABS		2,048			-			2,048			-
SBA loans		29,931			-			29,931			-
Corporate bonds and redeemable preferred stock		19,873			-			19,873			-
Municipal bonds		24,053			-			24,053			-
Derivatives		1,158			-			1,158			-
Certificates of deposit		263			-			263			-
Total investments - trading	$	94,741		$	1,355		$	93,386		$	-
Other investments, at fair value
EuroDekania (1)	$	2,502		$	-		$	-		$	2,502
Tiptree(2)		353			353			-			-
Other equity securities		43			28			15			-
CLOs		11,569			-			-			11,569
CDOs		34			-			-			34
Residential loans		383			-			383			-
Foreign currency forward contracts		(4)			(4)			-			-
Total other investments, at fair value	$	14,880		$	377		$	398		$	14,105
Liabilities
Trading securities sold, not yet purchased:
U.S. Treasury securities	$	12,050		$	12,050		$	-		$	-
Corporate bonds and redeemable preferred stock		25,851			-			25,851			-
Municipal bonds		20			-			20			-
Derivatives		1,181			-			1,181			-
Equity securities		82			82			-			-
Total trading securities sold, not yet purchased	$	39,184		$	12,132		$	27,052		$	-

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
As of December 31, 2014
(Dollars in Thousands)
							Significant			Significant
				Quoted Prices in			Other Observable			Unobservable
				Active Markets			Inputs			Inputs
Assets:	Fair Value			(Level 1)			(Level 2)			(Level 3)
Investments-trading:
U.S. government agency MBS and CMOs	$	9,719		$	-		$	9,719		$	-
U.S. government agency debt securities		25,785			-			25,785			-
RMBS		358			-			358			-
U.S. Treasury securities		1,131			1,131			-			-
CLOs		952			-			952			-
Other ABS		112			-			112			-
SBA loans		29,679			-			29,679			-
Corporate bonds and redeemable preferred stock		22,142			-			22,142			-
Municipal bonds		33,664			-			33,664			-
Certificates of deposit		985			-			985			-
Derivatives		1,930			-			1,930
Equity securities		291			233			58			-
Total investments - trading	$	126,748		$	1,364		$	125,384		$	-
Other investments, at fair value
EuroDekania (1)	$	3,717		$	-		$	-		$	3,717
Tiptree (2)		2,472			2,472			-			-
Other equity securities		33			23			10			-
CLOs		21,518			-			-			21,518
CDOs		11			-			-			11
Residential loans		565			-			565			-
Foreign currency forward contracts		83			83			-			-
Total other investments, at fair value	$	28,399		$	2,578		$	575		$	25,246
Liabilities
Trading securities sold, not yet purchased:
U.S. Treasury securities	$	15,644		$	15,644		$	-		$	-
Corporate bonds and redeemable preferred stock		31,406			-			31,406			-
Municipal bonds		20			-			20			-
Derivatives		1,670						1,670
Total trading securities sold, not yet purchased	$	48,740		$	15,644		$	33,096		$	-

(1) Hybrid Securities fund – European.

(2)  Diversified Holding Company.

Schedule Of Assets And Liabilities Measured With Level 3 Inputs

LEVEL 3 INPUTS
For the Year Ended December 31, 2015
(Dollars in Thousands)
		December 31, 2014			Net trading			Gains and losses			Transfers out of Level 3				Accretion of income		Purchases			Sales and returns of capital			December 31, 2015			Change in unrealized gains /(losses) for the period included in earnings  (1)
Assets:
Other investments, at fair value:
Equity Securities:
EuroDekania		$	3,717		$	-		$	(12)		$	-		$	-		$	-		$	(1,203)		$	2,502		$	(12)
Total equity securities			3,717			-			(12)			-			-			-			(1,203)			2,502			(12)
CLOs			21,518			-			(3,884)			-			2,333			-			(8,398)			11,569			(1,687)
CDOs			11			-			23			-			-			-			-			34			23
Total other investments, fair value		$	25,246		$	-		$	(3,873)		$	-		$	2,333		$	-		$	(9,601)		$	14,105		$	(1,676)

(1)   Represents the change in unrealized gains and losses for the period included in earnings for assets held at the end of the reporting period.

LEVEL 3 INPUTS
For the Year Ended December 31, 2014
(Dollars in Thousands)
			December 31, 2013			Net trading			Principal transactions and other income			Transfers out of Level 3			Accretion of income			Purchases			Sales and returns of capital			December 31, 2014		Change in unrealized gains /(losses) for the period included in earnings  (1)
Assets:
Investments-trading
CLOs		$	186		$	(3)		$	-		$	-		$	-		$	-		$	(183)		$	-		$	-
Total investments-trading		$	186		$	(3)		$	-		$	-		$	-		$	-		$	(183)		$	-		$	-
Other investments, at fair value:
Equity Securities:
EuroDekania		$	4,192		$	-		$	1,800		$	-		$	-		$	-		$	(2,275)		$	3,717		$	1,800
Star Asia			17,104			-			78			-			-			-			(17,182)			-			-
Star Asia Special Situations Fund			2,747			-			-			-			-			-			(2,747)			-			-
Total equity securities			24,043			-			1,878			-			-			-			(22,204)			3,717			1,800
CLOs									(1,699)						1,577			25,288			(3,648)			21,518			(1,622)
CDOs			35			-			(24)			-			-			-			-			11			-
Total other investments, fair value		$	24,078		$	-		$	155		$	-		$	1,577		$	25,288		$	(25,852)		$	25,246		$	178

(1) Represents the change in unrealized gains and losses for the period included in earnings for assets held at the end of the reporting period.

Quantitative Information About Level 3 Fair Value Measurements

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

(Dollars in Thousands)

Significant

Range of

Fair Value

Valuation

Unobservable

Weighted

Significant

December 31, 2015

Technique

Inputs

Average

Inputs

Assets

Other investments, at fair value

CLOs

$

11,569

Discounted Cash Flow Model

Yield

20.1%

16.0%-30.0%

Duration (years)

6.6

6.3-7.6

Default rate

2.0%

2.0-%-2.0%

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

(Dollars in Thousands)

Significant

Range of

Fair Value

Valuation

Unobservable

Weighted

Significant

December 31, 2014

Technique

Inputs

Average

Inputs

Assets

Other investments, at fair value

CLOs

$

21,518

Discounted Cash Flow Model

Yield

16.2%

12.4% - 18.3%

Duration (years)

4.1

2.6 - 4.5

Default rate

1.0%

1.0%

Fair Value, Investments, Entities That Calculate Net Asset Value Per Share

FAIR VALUE MEASUREMENTS OF INVESTMENTS IN CERTAIN ENTITIES

THAT CALCULATE NET ASSET VALUE PER SHARE (OR ITS EQUIVALENT)

Fair Value

December 31, 2015

(Dollars in Thousands)

Unfunded Commitments

Redemption Frequency

Redemption Notice Period

Other investments, at fair value

EuroDekania (a)

$

2,502

N/A

N/A

N/A

$

2,502

Fair Value

December 31, 2014

(Dollars in Thousands)

Unfunded Commitments

Redemption Frequency

Redemption Notice Period

Other investments, at fair value

EuroDekania (a)

$

3,717

N/A

N/A

N/A

$

3,717

N/A – Not applicable.

(a) EuroDekania’s investment strategy is to make investments in hybrid capital securities that have attributes of debt and equity, primarily in the form of subordinated debt issued by insurance companies, banks and bank holding companies based primarily in Western Europe; widely syndicated leveraged loans issued by European corporations; CMBS, including subordinated interests in first mortgage real estate loans; and RMBS and other ABS backed by consumer and commercial receivables. The majority of the assets are denominated in Euros and U.K. Pounds Sterling. The fair value of the investment in this category has been estimated using the net asset value per share of the investment in accordance with the “practical expedient” provisions of FASB ASC 820.  Since 2013, EuroDekania has not made any new investments and has generally returned all cash collected from its investments, less its operating expenses, to its shareholders on a semi-annual basis.

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

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- Definition

Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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Tabular disclosure of the fair value of investees that calculate net asset value per share (including by unit, membership interest, or other equity (ownership interest) unit measure) (alternative investments), whether measured at fair value on a recurring or nonrecurring basis, by major category of assets and liabilities (as defined), including, for example, (i) fair value measurements at the reporting date, (ii) the level within the fair value hierarchy in which the fair value measurements fall, (iii) a reconciliation of beginning and ending balances for those alternative investments that are measured at fair value using unobservable inputs (Level 3 - fair value hierarchy fair value measurement inputs), (iv) the inputs and valuation techniques used to measure fair value, (v) a discussion of changes to valuation techniques and inputs, if any, during the period, (vi) a description of the nature and risk associated with the alternative investments, and (vii) a discussion of the probability that any of the alternative investments are to be sold.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 6A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=SL6742756-110258

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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